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Sunday, 9 October 2016


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Pharos Holding -

USD CBE auction (Tuesday, 04 Oct): 8.78 (unchanged since 16 March 2016)
USD parallel market (Saturday, 08 Oct): 13.85 (from 13.85-14.25 on Tuesday, 04 Oct, Al Mal, Al Borsa)

EGX30 (Wednesday): 8,369 (+2.1%)
Turnover: EGP 845.3 mn (94% above the 90-day average)
EGX 30 year-to-date: +19.4%

THE MARKET ON WEDNESDAY: The benchmark EGX30 ended the last session of the week at its highest intraday level of 8,369 points, up 2.1%. CIB and EFG Hermes were both up, with the top gainers of the day being Egyptian Resorts, Sodic and Elsaeed Contracting. Among the day’s worst performers were Domty, Telecom Egypt and Qalaa Holdings.

Foreigners: Net Long | EGP +142.2 mn
Regional: Net Short | EGP -0.3 mn
Domestic: Net Short | EGP -141.9 mn

Retail: 57.4% of total trades | 54.7% of buyers | 60.1% of sellers
Institutions: 42.6% of total trades | 45.3% of buyers | 39.9% of sellers

Foreign: 21.5% of total | 29.9% of buyers | 13.1% of sellers
Regional: 9.1% of total | 9.1% of buyers | 9.2% of sellers
Domestic: 69.4% of total | 61.0% of buyers | 77.7% of sellers


Palm Hills Developments | Value Is in Diversity

Pharos writes that In the real estate world, PHD stands out judging by the various projects across Egypt reflecting its solid brand equity. Its real estate development portfolio features many co-development projects, a trend that has become quite widespread in the face of costly land acquisition. In a note released just before the holiday long weekend, the research house notes:

  • Market price fails to reflect raw land plots; Buy on FV of EGP3.47/share
  • Further NUCA collaboration would be a key catalyst
  • Sales momentum to continue in short term, despite signs of systemic risks
  • Lack of client-segment diversification a potential threat

Tap here to read the note in full (pdf).


WTI: USD 49.81 (-1.25%)
Brent: USD 51.93 (-1.10%)
Natural Gas (Nymex, futures prices) USD 3.17 MMBtu, (-0.02%, Nov 2016 contract)
Gold: USD 1,258.60 / troy ounce (+0.54%)<br
TASI: 5,631.2 (+0.8%) (YTD: -18.5%)
ADX: 4,389.6 (-0.1%) (YTD: +1.9%)
DFM: 3,354.6 (-0.2%) (YTD: +6.5%)
KSE Weighted Index: 348.3 (-0.5%) (YTD: -8.8%)
QE: 10,357.3 (-0.1%) (YTD: -0.7%)
MSM: 5,610.0 (-0.1%) (YTD: +3.8%)
BB: 1,137.0 (-0.16%) (YTD: -6.5%)

Enterprise is a daily publication of Enterprise Ventures LLC, an Egyptian limited liability company (commercial register 83594), and a subsidiary of Inktank Communications. Summaries are intended for guidance only and are provided on an as-is basis; kindly refer to the source article in its original language prior to undertaking any action. Neither Enterprise Ventures nor its staff assume any responsibility or liability for the accuracy of the information contained in this publication, whether in the form of summaries or analysis. © 2022 Enterprise Ventures LLC.

Enterprise is available without charge thanks to the generous support of HSBC Egypt (tax ID: 204-901-715), the leading corporate and retail lender in Egypt; EFG Hermes (tax ID: 200-178-385), the leading financial services corporation in frontier emerging markets; SODIC (tax ID: 212-168-002), a leading Egyptian real estate developer; SomaBay (tax ID: 204-903-300), our Red Sea holiday partner; Infinity (tax ID: 474-939-359), the ultimate way to power cities, industries, and homes directly from nature right here in Egypt; CIRA (tax ID: 200-069-608), the leading providers of K-12 and higher level education in Egypt; Orascom Construction (tax ID: 229-988-806), the leading construction and engineering company building infrastructure in Egypt and abroad; Moharram & Partners (tax ID: 616-112-459), the leading public policy and government affairs partner; Palm Hills Developments (tax ID: 432-737-014), a leading developer of commercial and residential properties; Mashreq (tax ID: 204-898-862), the MENA region’s leading homegrown personal and digital bank; Industrial Development Group (IDG) (tax ID:266-965-253), the leading builder of industrial parks in Egypt; Hassan Allam Properties (tax ID:  553-096-567), one of Egypt’s most prominent and leading builders; and Saleh, Barsoum & Abdel Aziz (tax ID: 220-002-827), the leading audit, tax and accounting firm in Egypt.